Many first time home buyers, while figuring the expense of owning a home, neglect to budget for home maintenance. 
You're figuring mortgage payments and utility costs, right? But did you remember to budget for home maintenance? If not, you're threatening the long term value of your investment (home)!
Home maintenance is a very important part of home ownership, and essential to maintaining the value of your home.
You're not a tenant anymore. If something breaks, it's your problem! And while you're just moving in, with no thoughts of resale, failure to perform routine maintenance will affect the eventual sale price of your home. 
It's recommended that homeowners set aside at least one percent of the home's purchase price to cover things like painting, routine system maintenance (furnace, water heater, well water treatment systems), window caulking and gutter repair.
If you're purchasing an older home, your annual home maintenance fund may require more than one percent of the home's purchase price. That will largely depend on how well the home has been maintained over the years. 
Once you decide on your annual home maintenance account, put that money away so you aren't tempted to spend it! If you don't use it all in one year, it's not a bonus or extra payday. Leave it alone, continue to contribute. That will give you a cushion for major repairs like roof replacement or new siding down the road.
Good home maintenance is relatively inexpensive when you compare it to the cost to fix something that you've allowed to get progressively worse. And, if you keep records of this routine maintenance, and have those records to share, you'll make a big impression on buyers when you eventually sell your home. 
While your search for a new home is still fresh in your mind, remember all the homes you've just seen. Make a list. Which homes made a better impression; those that were well maintained and showed pride of ownership or those with haphazard or negligible repair and maintenance?
In 5 years, where will your home stand on that list?
If you'd like more information on buying your first home, or homes for sale in Little Egg Harbor, Tuckerton, Manahawkin, Barnegat or Waretown, give me a call!
Laura Giannotta
609-384-6121
www.JerseyShoreViews.com
Laura@JerseyShoreView.com
Little Egg Harbor REALTOR® Laura Giannotta
Your Jersey Shore real estate resource!
609.384.6121
www.JerseyShoreViews.com
Laura@JerseyShoreViews.com
Laura...this is an area I stress to my NEW buyers. Even if the home is brand new, therewill be issues that come up.
That's so true William! I think many people facing problems now were not aware of the full extent of home ownership costs.
Invaluable information Laura. All first timers should be required to read this post!
Well done my friend!
Hey Laura: Great tips and something that many first-time home buyers may not think about! It's important to maintain your home to the best of your ability because it will help your re-sale value for sure!
Have a great day,
Anne Rains
I tell my clients, especially first time buyers, to put away so much every month, into a separate account, for those house repairs/emergencies that pop up on a regular basis. This is an area that most people fall short on.
Most people don't realize how important it is to maintain your home, until something huge goes wrong, or until they want to sell it, and I give them a long list of things to do.
Great post, Laura.
Amazing! When I think about the past 6 years that we have spent in our house, I do beleive we have spent an average of about 1% of the purchase price per year on repairs! Considering we live in an 80 year old house, we have gotten off pretty easy. Wait until I tell my hubby!